ICICI Pru Life mulls bid for Sahara’s life insurance biz

icici.jpg

ICICI Prudential Life Insurance has shown interest in taking over Sahara Life Insurance, which was asked to close down its business by the Insurance Regulatory and Development Authority of India (Irdai) last month.

In an announcement to the BSE on Tuesday, ICICI Prudential Life said, “We have expressed our interest to evaluate taking over policyholders’ liabilities and assets of Sahara Life.”

It said the last reported policyholders’ liabilities of Sahara Life was about Rs 900 crore, less than 1 per cent of ICICI Prudential Life’s balance sheet. “We are evaluating the way forward,” ICICI Prudential Life said in its statement.

The regulator had expressed its concerns over Sahara Life running its business in a manner which was likely to be “prejudicial to the interests of the holders of the life insurance”. Owing to irregularities in financial statements, the regulator had appointed one of its general managers as administrator to manage the affairs of Sahara Life on June 12.

Sahara Life had sold 665 policies worth Rs 1.53 crore during the April-May period of FY18. The company had collected a premium worth Rs 44.68 crore from 16,058 customers in 2016-17. Shares of ICICI Prudential Life closed at Rs 489.35 apiece on the BSE, up 3.66 per cent.

ICICI Prudential Life Insurance had reported a net profit at Rs 408.2 crore for the fourth quarter ended March 2017.

More News:

Financial News

Latest Financial News

Financial News India

Financial News Today

Current Financial News

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s